LOAN AGAINST PROPERTY
A loan against property (LAP) is exactly what the name implies — a loan given or disbursed against the mortgage of property. The loan is given as a certain percentage of the property’s market value, usually around 40 per cent to 60 per cent.
Loan against property belongs to the secured loan category where the borrower gives a guarantee by using his property as security.
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Loan against Property can be taken for following purposes:
Expanding your business
Getting your son/daughter married
Sending your son/daughter for higher studies abroad
Funding your dream vacation
Funding medical treatments
images (1).
You can normally take a loan against your self-occupied or rented residential property. This could be a house or even a piece of land.
This criteria will vary from one bank to another. However, from all the host of factors, the common factors that all banks look at are:
Your income, savings, debt obligations
Cost/value of the property mortgaged
institution can take possession of the mortgaged property. Base your decision on yoYour repayment track record for other loans, credit cards, etc.
images (2)
A loan against property is one of the best ways to raise money. The only disadvantage of such a loan is that if the borrower is not able to pay the loan fully, the bank or the financial ur repaying capabilities.
A loan against property (LAP) is exactly what the name implies — a loan given or disbursed against the mortgage of property. The loan is given as a certain percentage of the property’s market value, usually around 40 per cent to 60 per cent.
Loan against property belongs to the secured loan category where the borrower gives a guarantee by using his property as security.
…
Loan against Property can be taken for following purposes:
Expanding your business
Getting your son/daughter married
Sending your son/daughter for higher studies abroad
Funding your dream vacation
Funding medical treatments
images (1).
You can normally take a loan against your self-occupied or rented residential property. This could be a house or even a piece of land.
This criteria will vary from one bank to another. However, from all the host of factors, the common factors that all banks look at are:
Your income, savings, debt obligations
Cost/value of the property mortgaged
institution can take possession of the mortgaged property. Base your decision on yoYour repayment track record for other loans, credit cards, etc.
images (2)
A loan against property is one of the best ways to raise money. The only disadvantage of such a loan is that if the borrower is not able to pay the loan fully, the bank or the financial ur repaying capabilities.
Read your blog its really informative and keep updating with newer post on loan against property
ReplyDeleteHey thanks for this amazing and informative post. You can also see Loan Against Property for more information.
ReplyDeleteWell and informative content given about Residential Plot / Land for Sale in Oragadam, Chenna. Thanks for provide this information here about this blog.
ReplyDelete3bhk Flats in Paschim Vihar
Need finance not loan through land document with low interest.
ReplyDelete